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Wednesday, 28 December 2016

NIFTY ENTERS POSITIVE TREND, GO LONG AT DIPS

"BUY ZEEL ABOVE 451 TGT 460/466 SL 438"

The Sensex ended with a mere loss of three points at 26,211. The Sensex
opened at 26,243 touched an intra-day high of 26,415 and low of 26,192. The Nifty
closed with a marginal gain of two points at 8,035. The Nifty opened at 8,048
hitting a high of 8,101 and low of 8,028.TheSensex,Niftyclosed flat after paring all of
their intraday gains in the last hour of trade dragged lower by a sell-off in
oil and gas companies on Wednesday and ahead of the expiry of futures and
options contracts of the December series due tomorrow. Weak global cues and a
weak rupee dampened the sentiment.

Technically,
Traders can go long at every dip in the market with strict stoploss at 7893
levels on closing basis. Traders should note that this positive rally is for
very short term but for now traders can go long at every dip in the market
until market again see reversal. On the other hand, if the nifty
reverses lower from 8,120 a corrective fall to 8,160 or 8,150 is possible. and downside be alert below 7990 and avoid all longs below that level as
selling may intensify below that level. The support for the Nifty is
7993-7970-7897-7800 and the resistance to the up move is at 8053-8079-8105-8154
levels.

Discliamer

The usage of this blog confirms to the policy that the investment in stock market has inherent risks and author or his clients may or may not be following the recommended tips.The author will not be held responsible for any loss incurred by following the advice.